Senate Passes Bailout...

H2ONUT

H2ONUT

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Nov 26, 2006
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Now what happens? does it go back to the House? What if they vote against it again?
 
H2ONUT said:
Now what happens? does it go back to the House? What if they vote against it again?
Click to expand...

I don't think that they will. If they do, it will go to the floor again and be revamped one more time....look at this article I found on Google.

http://ap.google.com/article/ALeqM5hpLIVCwYI7ciaWbG7ibsmECDsuCQD93HVSJG2

The bill will get bigger and bigger until there is no choice but to pass it. I am not sure how I feel...on one hand I do not want a recession because of poor lending habits and shady loans..I want those responsible to pay.:smt021

We all know that in the end the hard working, honest person will bail this country out on our shoulders! :smt013

Sorry to go off on a tangent...I really don't know the true answer to your question :smt089

Corey
 
It's a bad bill. Hope it does not pass. The government should not own these bad securities and there should be no bail out for the idiots who mortgaged themselves over their heads. They're the other half of the problem!
 
caruso1006 said:
l...on one hand I do not want a recession because of poor lending habits and shady loans..I want those responsible to pay.:smt021
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We're up to our a$$ in recession.

fc3 said:
It's a bad bill. Hope it does not pass. The government should not own these bad securities and there should be no bail out for the idiots who mortgaged themselves over their heads. They're the other half of the problem!
Click to expand...

I agree. Unfortunately, the the other alternative is a depression. No one is lending money right now, they are hording cash. CD rates are up, banks are doing anything they can to attract deposit accounts but aren't lending the money. Banks don't even trust each other now, as evidenced by LIBOR soaring. There are banks in the Midwest that won't accept checks drawn on other banks. I don't mean won't cash them, they won't take them as deposits! If you want the money in your account it has to be ACH or wired.

I've been playing in the debt markets for 20 years both personally and professionally, and have never seen anything like this.
 
'No one is lending money'

Just don't see that here in Tulsa, OKC, Dallas... maybe a little more conservatively, but it certainly hasn't dried up.
 
caruso1006 said:
We all know that in the end the hard working, honest person will bail this country out on our shoulders! :smt013

Sorry to go off on a tangent...I really don't know the true answer to your question :smt089

Corey
Click to expand...

You DID know the answer to the question, as far as it leads to an end. Regardless of the bailout, the average working family who make between 75k-300k a year, as usual, will bear the brunt of the financial meltdown.

The poorest will get their usual handout, the richest will be protected from losing their wealth.
 
billandamy said:
You DID know the answer to the question, as far as it leads to an end. Regardless of the bailout, the average working family who make between 75k-300k a year, as usual, will bear the brunt of the financial meltdown.

The poorest will get their usual handout, the richest will be protected from losing their wealth.
Click to expand...


You are so right...!!! We will carry this country on our backs again!! Thanks Bill and Amy!
 
Disagree about being in a recession, but that was covered by sfregson. Also disagree about a depression. A wide-spread lack of confidence is required for that. If there comes to a depression, it will be the fault of the banks, not the people or the government. Banks that refuse to honor checks should be prosecuted or lose their charter, which puts them out of business. If they don't accept funds, they effectively are out of business.

Best regards,
Frank
 
From MSN:

http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-100208.aspx

Bleak economic reports

Adding to the pressure this morning were two dismal economic reports.


Factory orders fell 4% in August, more than the 3% decline economists had expected, the Commerce Department reported this morning. It was the biggest monthly decline in two years.
Excluding a 9.1% drop in transportation orders, factory orders slumped 3.3%, the biggest drop since September 2001.
Meanwhile, a report on initial jobless claims added to worries about employment. The number of first-time filings for unemployment benefits rose by 1,000 to 497,000 last week, remaining at their highest levels in seven years, the Labor Department reported.
Jobless claims were expected to drop to 475,000 last month.
"Anyone who's wondering if there's a recession should stop wondering," Nigel Gault, U.S. economist for Global Insight, told MarketWatch.com.
On Friday, the Labor Department will release the September jobs report. Economists are expecting a loss of 105,000 jobs last month. The economy has already lost 605,000 jobs through the first eight months of 2008.
"Considering the ongoing stress in the credit markets, these indicators are still likely to get worse before they get better," MKM Partners Chief Economist Michael Darda wrote in a note this morning.
 
billandamy said:
You DID know the answer to the question, as far as it leads to an end. Regardless of the bailout, the average working family who make between 75k-300k a year, as usual, will bear the brunt of the financial meltdown.

The poorest will get their usual handout, the richest will be protected from losing their wealth.
Click to expand...

It's interesting that in terms of income you think 75k-300k all could be thought of as average. Some stats worth considering from 2006:
http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/make-32k-youre-in-the-richer-50percent.aspx

As you can see 300k is so close to the top 1% that the term wealthy could stick because of proximity. It's also interesting that the same 1%(approx 1.4 million) pay 40% of the income taxes paid. Not looking to argue...I won't attack your burgee, just food for thought.
 
I agree, I can't watch TV anymore. Well I should say that my GF won't let me watch TV anymore because I get angry and talk back to the news jerks. I remember when I could watch the news and not have to much of a slant one way or the other, was I hallucinating?

I also want to know who's going to write me a check for all the money I lost in the market. I was told it was ok to buy stocks. They said it was an investment. Someone lied to me. I want my money back.
 
I'm going to sue clubsearay.com because I spend ALL of my time reading these entertaining posts and typing responses. If this board wasn't made available to me, I could be doing something more productive, like washing my truck I was forced into buying in order to tow my boat which I HAD to buy because MM displays their boats outside, along the highway I've driven on. Had MM not presented me with the temptation of owning a boat, I would have never bought one.:smt089:grin:
 
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maybe my $800 is in there somewhere?
 
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